(1) Where the Governor determines that the country is experiencing or has experienced a severe deterioration in its balance of payments that requires the temporary imposition of exchange controls beyond measures provided for in sections 17,18 and 19, the Governor in consultation with the Minister may, by notice make rules to restrict

(a) payments between

(i) residents and non-residents, or

(ii) non-residents;

(b) payments to or from the country;

(c) the acquisition, holding, and use in the country of foreign currency or traveller's cheques by persons including residents; and

(d) the frequency at which the acts of purchase and sale of foreign exchange may be effected in the country.

(2) The rules shall remain in force for a period of not more than three months.

(3) Despite subsection (2) the Governor in consultation with the Minister may extend the time frame designated for the operation of the rules for a period of not more than three months and for any subsequent period that the Governor in consultation with the Minister may determine.

(4) The Bank shall within fourteen days after any rules are made cause to be published in the Gazette, the reasons for the imposition of restrictions.